How to Be Recession Proof

If you are like many Americans right now, you are concerned about an economic recession. Jobs once considered secure are disappearing. The cost of gas, food and other necessities is climbing. You worry about what could happen if you or your spouse suddenly lost your jobs, if you would you be able to find work right away and continue to afford housing, groceries and utilities. Do not wait for the unforeseen to occur before you begin planning. Take steps now to protect your family.

Instructions

1. Look for ways to reduce everyday spending, and you'll begin saving money and learning how to live on less. Make your coffee at home instead of spending five dollars at the drive-through coffee house. Cut back on cable pay channels. Find relatively painless ways to cut costs now and you will benefit in the long run.

2. Start saving now. Experts recommend having an emergency fund that will cover three to six months of living expenses. While that might seem astronomical and out of reach, something is better than nothing. Put money in a savings account every time you get paid, before you spend on anything else.

3. Update your resume and brush off your networking skills. Even though your job could be completely stable, it is still a good idea to be ready just in case. Taking a class or two to gain some new skills is not a bad idea, either.

4. Pay down debts. Stop using your credit cards immediately. Work on paying off your smallest credit card debt. When it is paid in full, focus on the next biggest one. Think of the freedom you will feel when those bills stop coming every month.

5. Refinance your home. Interest rates are low now, so check and see if you can get a better rate. Sink any extra money you save into your savings and paying off debts.

Tips & Warnings

• Check your attitude and attendance at work. If the boss has to make a cut, he is more likely to let go of someone who is never there or is always griping.

• Don't post your resume online unless you are seriously trying to find a new job. If your current employer happens to view it, you could be out of a job.

Resources

• Free Financial Tools
• Save Money on Groceries